IFSWF Selects London as its Home
The government of the United Kingdom is known for promoting capital flows and financial stabilization, thus attracting the mega asset owners – allowing sovereign wealth to center in London. The International Forum of Sovereign Wealth Funds (IFSWF) will establish its Secretariat office in London – leaving the confines of the IMF in Washington D.C. In February 2014, IFSWF members decided to move away from the United States to be less reliant on the IMF.
Is London the Center of Sovereign Wealth?
The advantages for public investors in London include: the city being an open international financial hub, access to financial market data, location of other key institutions and a popular time zone for business.
UK Finance Minister George Osborne was happy with the news, mentioning that the country continues to be a world class business and financial center.
Bader M. Al-Sa’ad, the chair of the IFSWF and Chairman and Managing Director of the Kuwait Investment Authority, said in a press release on behalf of the Board that: “This is a milestone in the history of the IFSWF that will allow us to further the IFSWF mandate and expand our activities as a truly global sovereign wealth fund network. The IFSWF rests on a solid foundation based on guardianship of the globally accepted Santiago Principles.”
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